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l <br /> Authority. The economic development authority may exercise all of • <br /> the powers that the previous governing unit exercised with respect to <br /> the project. Minnesota Statutes Section 469.094, subd. 2. <br /> B. Establishment of an Economic Development District. Pursuant to <br /> Minnesota Statutes, Section 469.101, subd. 1, an Authority may <br /> create an economic development district(s) (the "District") at any <br /> place or places within the city provided that: <br /> 1. The District must satisfy the requirements of . Minnesota <br /> Statutes, Section 469.174, subd. 10 (findings for a <br /> redevelopment tax increment financing district). <br /> 2. The District boundaries must be contiguous. <br /> 3. The Authority holds a public hearing on the establishment of <br /> the District with at least a ten-day publication notice. <br /> 4. The Authority makes the finding that the District is proper <br /> and desirable to establish and develop within the city. <br /> IV. Powers of the Authority. <br /> A. Property. Pursuant to Minnesota Statutes, Section 469.101, subd. 2, <br /> 3, 4, 59 6,' 7, 10, 13, 17 and 18: <br /> 1. An Authority may acquire by lease, purchase, gift, devise, or <br /> condemnation proceedings, the needed right, title and interest <br /> in property to create economic development districts. <br /> 2. An Authority may sign options to purchase, sell or lease <br /> property. <br /> 3. An Authority may use eminent domain to acquire property it is <br /> authorized to acquire by condemnation. <br /> 4. An Authority may make contracts for the purpose of economic <br /> development within the powers given 1n Chapter 458C. The <br /> Authority may contract to purchase and sell real and personal <br /> property. However, an obligation must not be incurred except <br /> when existing funds together with reasonable expected <br /> revenue of the Authority from other sources are sufficient to <br /> either discharge the obligation or pay the expense when due. <br /> S. The Authority may be a limited partner in a partnership as <br /> long as the purpose of the partnership is consistent with the <br /> Authority's purpose. <br /> 6. The Authority may acquire property.rights or an easement for <br /> the development of a district. • <br /> 7. The Authority may sell or lease land held by it in a District for <br /> economic development. <br /> 4 <br />